1. STUDENT FINANCE 2016 ENTRY Luke French Education Outreach Officer

2. Provided by the Student Loans Company aka. Student Finance England WHAT IS STUDENT FINANCE?

3. The cost of going to university is split into two main costs:  Tuition fees  Living costs – Maintenance WHAT IS STUDENT FINANCE?

4. STUDENT FINANCE TUITION FEE SUPPORT MAINTENANCE SUPPORT TUITION FEE LOAN MAINTENANCE LOAN SCHOLARSHIPS AND BURSARIES

5. Covers the cost of your course Don’t have to be paid upfront Up to £9,000 a year TUITION FEES

6.  Covers the full cost  Paid directly to the University  There is nothing to pay during the course  You don’t have to use a loan  Everyone should be entitled TUITION FEE LOAN

7. Maintenance means living costs. At university this is things like food, rent, books – the essentials. Where you go and how you spend will affect your cost of living. MAINTENANCE COSTS

8.  Available to all UK students on a full-time, undergraduate course  Paid directly to the student in 3 instalments  The amount you get depends on 2 factors –  Your household income and;  where you study MAINTENANCE LOAN

9. WHERE NON- INCOME ASSESSED INCOME ASSESSED (MAXIMUM) TOTAL Outside London£3,821£4,379£8,200 London £5,330£5,372£10,702 Home £3,039£3,865£6,904

10. Applicants with a household income below £25,000 will receive the maximum available to them. Household incomes over the amounts below will just receive the non-income assessed part of the loan. MAINTENANCE LOAN WHEREHOUSEHOLD INCOME LIMIT Outside London£62,180 London£69,803 Home£58,201

11. Household incomes between £25,000 and the household income limit will receive a percentage of the income assessed part. The applicant will receive a Student Finance Entitlement Letter. MAINTENANCE LOAN

12.  Scholarships  Bursaries  Come directly from universities  Every university is different so research is needed  Some are assessed automatically while others need a separate application SCHOLARSHIPS AND BURSARIES

13. Repayments start the April after graduation Repay 9% of anything over £21,000 Remainder cancelled after 30 years Repaid via the tax system REPAYMENTS

14. SALARY – BEFORE TAX MONTHLY SALARY MONTHLY REPAYMENT £20,000£1,750£0 £22,000£1,833£7 £25,000£2,083£30 £30,000£2,500£67 £35,000£2,916£105 REPAYMENTS

15.  Interest accrues on your loan as soon as you start your course  Once you have graduated, the interest rate varies based on your earnings INTEREST RATES SALARYINTEREST RATE WHILST STUDYINGRPI, plus 3% £21,000 OR LESSRPI £21,000 to £41,000RPI, plus a rate of up to 3% £41,000 OR MORERPI, plus 3%

16.  Student loans do not factor into credit ratings  It is unlikely a student loan will affect your ability to get a mortgage  You will still repay your loan if you move overseas OTHER INFORMATION

17.  Repayments are based entirely on how much you earn, not how much you borrowed  It’s not always cheaper to live at home  You can repay early - but that doesn’t mean you should OTHER INFORMATION

18.  www.gov.uk/studentfinance  www.studentloanrepayment.co.uk  www.moneysavingexpert.com/family  www.essex.ac.uk/studentfinance USEFUL LINKS